On November 30, 2017 the OECD released an update of its Guidance on the Implementation of Country-by-Country Reporting. In the update the OECD has included some additional guidance to give certainty to tax administrations and MNE Groups on the implementation of Country-by-Country (CbC) Reporting (BEPS Action 13).
The additional guidance released on November 30, 2017 addresses a number of specific issues, like a.o.:
· how to report amounts taken from financial statements prepared using fair value accounting;
· how to treat a negative figure for accumulated earnings in Table 1;
· how to treat mergers/acquisitions/de-mergers;
· how to treat short accounting periods; and
· the definition of total consolidated group revenue.
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